Cannell & Co. Purchases 60,510 Shares of Crown Holdings, Inc. (NYSE:CCK)

Cannell & Co. lifted its position in shares of Crown Holdings, Inc. (NYSE:CCK) by 44.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 195,127 shares of the industrial products company’s stock after buying an additional 60,510 shares during the quarter. Cannell & Co.’s holdings in Crown were worth $17,969,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. BluePath Capital Management LLC acquired a new position in Crown in the third quarter valued at approximately $25,000. Sound Income Strategies LLC bought a new position in Crown during the fourth quarter worth $26,000. Fifth Third Bancorp increased its stake in Crown by 46.0% in the third quarter. Fifth Third Bancorp now owns 1,009 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 318 shares in the last quarter. Picton Mahoney Asset Management raised its holdings in shares of Crown by 53.9% during the third quarter. Picton Mahoney Asset Management now owns 1,036 shares of the industrial products company’s stock valued at $92,000 after purchasing an additional 363 shares during the period. Finally, Steph & Co. bought a new position in shares of Crown during the 3rd quarter worth about $111,000. Institutional investors own 90.93% of the company’s stock.

Insider Buying and Selling

In other Crown news, CEO Timothy J. Donahue sold 22,500 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total value of $1,916,550.00. Following the completion of the transaction, the chief executive officer now directly owns 616,178 shares of the company’s stock, valued at approximately $52,486,042.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.90% of the stock is currently owned by insiders.

Crown Stock Performance

Shares of CCK stock traded up $1.34 during trading on Wednesday, reaching $83.41. 566,649 shares of the company’s stock traded hands, compared to its average volume of 1,240,267. Crown Holdings, Inc. has a 1 year low of $69.61 and a 1 year high of $96.35. The company has a market capitalization of $10.08 billion, a P/E ratio of 23.91, a PEG ratio of 2.75 and a beta of 0.91. The company has a current ratio of 1.15, a quick ratio of 0.77 and a debt-to-equity ratio of 2.34. The firm’s 50-day moving average is $77.78 and its 200 day moving average is $82.62.

Crown (NYSE:CCK) last announced its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.06. Crown had a return on equity of 24.23% and a net margin of 3.51%. The company had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the previous year, the business earned $1.20 earnings per share. The firm’s quarterly revenue was down 6.4% compared to the same quarter last year. Equities research analysts expect that Crown Holdings, Inc. will post 5.9 EPS for the current year.

Crown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.00 annualized dividend and a yield of 1.20%. This is a boost from Crown’s previous quarterly dividend of $0.24. Crown’s payout ratio is currently 28.82%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CCK shares. Robert W. Baird upped their target price on Crown from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial restated a “hold” rating and issued a $88.00 target price (down previously from $100.00) on shares of Crown in a report on Wednesday, March 27th. Morgan Stanley initiated coverage on Crown in a report on Monday, March 18th. They set an “equal weight” rating and a $87.00 price target for the company. Mizuho dropped their price objective on Crown from $105.00 to $96.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Finally, Wells Fargo & Company lowered their target price on shares of Crown from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Crown presently has an average rating of “Moderate Buy” and an average price target of $100.29.

About Crown

Crown Holdings, Inc, together with its subsidiaries, engages in the packaging business in the United States and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The company manufactures and sells recyclable aluminum beverage cans and ends, glass bottles, steel crowns, aluminum caps, non-beverage cans, and aerosol cans and closures.